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Selected Stock Transactions Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of
Selected Stock Transactions
Diamondback Welding & Fabrication Corporation sells and services pipe welding equipment in Illinois. The following selected accounts appear in the ledger of Diamondback Welding & Fabrication at the beginning of the current year:
Preferred 2% Stock, $75 par (50,000 shares authorized, 25,000 shares issued) | $1,875,000 |
Paid-In Capital in Excess of ParPreferred Stock | 225,000 |
Common Stock, $10 par (500,000 shares authorized, 210,000 shares issued) | 2,100,000 |
Paid-In Capital in Excess of ParCommon Stock | 270,000 |
Retained Earnings | 9,476,000 |
During the year, the corporation completed a number of transactions affecting the stockholders' equity. They are summarized as follows:
- Purchased 30,000 shares of treasury common for $14 per share.
- Sold 15,000 shares of treasury common for $17 per share.
- Issued 13,000 shares of preferred 2% stock at $91.
- Issued 50,000 shares of common stock at $17, receiving cash.
- Sold 10,000 shares of treasury common for $12 per share.
- Declared cash dividends of $1.50 per share on preferred stock and $0.04 per share on common stock.
- Paid the cash dividends.
Required:
Journalize the entries to record the transactions.
If an amount box does not require an entry, leave it blank.
a. | Treasury Stock | fill in the blank 2 | fill in the blank 3 |
Cash | fill in the blank 5 | fill in the blank 6 | |
b. | Cash | fill in the blank 8 | fill in the blank 9 |
fill in the blank 11 | fill in the blank 12 | ||
fill in the blank 14 | fill in the blank 15 | ||
c. | Cash | fill in the blank 17 | fill in the blank 18 |
Preferred Stock | fill in the blank 20 | fill in the blank 21 | |
Paid-In Capital in Excess of Par-Preferred Stock | fill in the blank 23 | fill in the blank 24 | |
d. | Cash | fill in the blank 26 | fill in the blank 27 |
Common Stock | fill in the blank 29 | fill in the blank 30 | |
Paid-In Capital in Excess of Par-Common Stock | fill in the blank 32 | fill in the blank 33 | |
e. | Cash | fill in the blank 35 | fill in the blank 36 |
Paid-In Capital from Sale of Treasury Stock | fill in the blank 38 | fill in the blank 39 | |
Treasury Stock | fill in the blank 41 | fill in the blank 42 | |
f. | Cash Dividends | fill in the blank 44 | fill in the blank 45 |
Cash Dividends Payable | fill in the blank 47 | fill in the blank 48 | |
g. | Cash Dividends Payable | fill in the blank 50 | fill in the blank 51 |
Cash | fill in the blank 53 | fill in the blank 54 |
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